Two Illustrations of the Quantity Theory of Money: Breakdowns and Revivals
通过扩展数据，发现卢卡斯（1980）用于表达货币数量论的低频回归系数不稳定，这种不稳定性源于不同时期货币政策的差异，DSGE模型模拟证实了这一点。
By extending his data, we document the instability of low-frequency regression coefficients that Lucas (1980) used to express the quantity theory of money. We impute the differences in these regression coefficients to differences in monetary policies across periods. A DSGE model estimated over a subsample like Lucas's implies values of the regression coefficients that confirm Lucas's results for his sample period. But perturbing monetary policy rule parameters away from the values estimated over Lucas's subsample alters the regression coefficients in ways that reproduce their instability over our longer sample.